The price of BLUR, the native token of the non-fungible token (NFT) marketplace Blur, jumped 15% after a significant amount of the token’s supply was unlocked hours before press time.
Token unlock involves releasing a certain amount of assets previously locked or restricted from circulation in the market. Token unlocking often leads to increased trading volume and price volatility for the asset as investors will now have the ability to buy or sell it.
$32.55M Worth of BLUR Unlocked
According to blockchain analytics firm Lookonchain, 49.46 million BLUR, equivalent to $32.55 million, was unlocked on January 16. On-chain data showed that the tokens were initially transferred from a multi-signature address and subsequently into Coinbase Prime wallet.
49.46M $BLUR($32.55M) was unlocked 2 hours ago.
Since Jun 15, $BLUR has been unlocked once a month and 8 times in total, unlocking 534.74M $BLUR($355.39M).
In 5 of the previous 7 unlocks the price will increase after unlocking.https://t.co/EnxgaEAqeI pic.twitter.com/jbD8EEL1u7
— Lookonchain (@lookonchain) January 16, 2024
The 49.46 million BLUR unlocked represents 3.84% of the token’s current circulating supply of $1.2 billion. The token has a maximum supply of $3 billion.
Since BLUR’s unlocking event began on June 15, 2023, 534.74 million tokens ($355.39 million) have been released into circulation. The latest unlock marks the eighth such event since the process began.
Reinforcing Historical Trend
Interestingly, BLUR has a history of positive price performance following each unlocking event. In five of the seven previous unlocks, the price of BLUR has increased, suggesting a pattern of investor anticipation and market enthusiasm surrounding these scheduled events. Today’s 15% jump further reinforces this historical trend.
Furthermore, the trading volume of BLUR has also increased by 124% on the day to $237.8 million, signaling a rise in market activity.
At press time, the price of BLUR was $0.6977, representing a 20% surge in the last 24 hours, 43.93% in the past seven days, and 53% over the past 30 days.
Meanwhile, BLUR’s recent rally comes after a period of struggle. In December 2023, there were reports of multiple whales/institutions offloading their BLUR tokens amid a price decline.
